End of Day Report – Thursday 1 August: ASX 200 up 22- Record - Banks Ease- Banks weaker as Resources find Friends - BOE tonight

ASX 200 rallies only 22 points to 8115 (+0.3%) as good times roll. Record high. A slight sell-off in the banks with a tentative rotation to resources. BHP up 0.5% and RIO doing much better up 1.9%. FMG underwhelmed, although up another 0.6%. Gold miners better but still no real frenzy, NST up 0.9% and NEM up 2.0%. Uranium and lithium tried to rally but it was muted. PDN up a modest 2.2%. PLS up 4.4% as Albemarle announced closures to Australian production. Oil and gas slightly firmer, WDS up 1.5% and KAR doing well, up 3.8%. Banks slid a little. CBA down 0.9% and ANZ up 0.7%, as some catch-up required! MQG rose 0.7%, with insurers under a little pressure as 10Y yields fell to 4.08%. REITs racing ahead, GMG up 3.8% and GPT up 0.7%. Tech better, WTC up 1.4% and XRO pushing 1.5% ahead. Staples doing well, WOW up 1.0%, with ALL up 0.2%.  In corporate news, PSQ got a knockout bid at 205c, BVS rose 2.2% on a return of capital and DRO returned to trade, promptly falling to close to the issue price, down 14.8%. On the economic front, Balance of Payments came in below expectations, increasing $537m in June. Asian markets are weaker despite US futures firming. Japan down 3.2%, China flat and HK +0.2%. Dow Futures up 0.2% and NASDAQ Futures up 0.7%. 

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